Forland Hits Ezra with ‘Pay Up or Wind Up’ Order

Ezra Holdings has received a statutory demand from the solicitors of Forland Subsea for payment of a charter that is due and owing by EMAS-AMC AS for the vessel Lewek Inspector.

According to Ezra who acts as the parent corporate guarantor for the charter party, a claim is for some S$4.4 million or NOK 25.5 million.

Forland earlier stated that EMAS-AMC, now a wholly owned subsidiary of EMAS Chiyoda Subsea, was behind on the payment for the month of October 2016, due November 30, 2016 and was ‘unable to settle the outstanding charter hire for the time being’.

The shipowner, however, agreed for the vessel to continue its campaign offshore Africa, despite falling behind on its obligations.

It is understood that if Forland does not receive payment for the sum demanded within three weeks from the date of the statutory demand, its solicitors would ask for Ezra to be wound up by the High Court of Singapore for not being able to pay its debts.

Ezra has advised its shareholders and potential investors to exercise caution when trading in the company’s shares while it’s seeking for advice on the matter.

Subsea World News Staff

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